Shelley Steuer Freeman, of Beverly Hills, California, a stockbroker formerly registered with Wells Fargo Clearing Services, LLC, has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she failed to cooperate with FINRA in an investigation into allegations of her sales activities. Letter of Acceptance, Waiver and Consent, No. 2017053680101 (Aug. 9, 2017).
FINRA Public Disclosure reveals that Wells Fargo Clearing Services, LLC, fired Freeman on February 21, 2017, based upon allegations that her activities and management of the firm’s banking operations raised concerns by the company. FINRA staff then reached out to Freeman on May 12, 2017, where Freeman was asked to provide information and documentation to FINRA staff by a May 26, 2017 deadline.
Wells Fargo Clearing Services L.L.C. , also formerly known as Wells Fargo Advisors, L.L.C. is a registered broker-dealer with its principal place of business at One North Jefferson, St. Louis, Missouri 63103. WFSC employs more than 20,000 registered representatives, a substantial portion of whom operate or maintain offices at traditional Well Fargo Bank, NA. branch locations throughout the country. Agents of Wells Fargo Bank are provided “bonuses,” and are subject to the imposition of “goals,” or quotas in connection with the referral of traditional bank customers to Well Fargo related entities for the purpose of soliciting the sale of securities.
The AWC stated that Freeman’s counsel eventually reached out to FINRA staff, where on June 8, 2017, it was communicated that Freeman would not be providing any information and documentation to investigators at any point. FINRA found that Freeman’s conduct was violative of Rules 2010 and 8210 and barred her as a result.
Prior to the time, she was fired by Wells Fargo for her management of retail sales activity at a local bank.
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